 "IDFC Bank snaps up Grama Vidiyal Microfinance")
Private sector lender IDFC Bank, which announced its April-June results on Tuesday, reported a 60 per cent rise in its net profit to Rs 265 crore, compared with the January-March quarter.
The lender had listed on the bourses only last year and therefore the year-on-year comparative figure isn’t available.
Net interest income, the difference between interest earned and interest expended, grew 25 per cent to Rs 515 crore. Even other income, which primarily includes fees, commissions, etc., increased 37 per cent to Rs 196.5 crore.
During the first quarter of this financial year, the pressure on asset quality eased a little with gross non-performing assets (NPAs) declining marginally to 6.09 per cent, compared with 6.16 per cent in the preceding quarter. In the same period, net NPAs declined slightly to 2.31 per cent, compared with 2.39 per cent in the quarter ended March.
With the pressure on asset quality reducing, provisions and liabilities also declined three per cent to Rs 4,095 crore.
The net interest margin, a key indicator of a bank’s profitability, also improved marginally to 2.4 per cent, compared with 2.1 per cent sequentially.
The lender said during the first quarter of FY17, the bank managed to strengthen its retail offerings by offering home loan products. The retail banking vertical of the bank was launched in the January quarter.
The bank remains well capitalised with a capital adequacy ratio of 20.39 per cent.
The lender had listed on the bourses only last year and therefore the year-on-year comparative figure isn’t available.
Net interest income, the difference between interest earned and interest expended, grew 25 per cent to Rs 515 crore. Even other income, which primarily includes fees, commissions, etc., increased 37 per cent to Rs 196.5 crore.
During the first quarter of this financial year, the pressure on asset quality eased a little with gross non-performing assets (NPAs) declining marginally to 6.09 per cent, compared with 6.16 per cent in the preceding quarter. In the same period, net NPAs declined slightly to 2.31 per cent, compared with 2.39 per cent in the quarter ended March.
With the pressure on asset quality reducing, provisions and liabilities also declined three per cent to Rs 4,095 crore.
The net interest margin, a key indicator of a bank’s profitability, also improved marginally to 2.4 per cent, compared with 2.1 per cent sequentially.
The lender said during the first quarter of FY17, the bank managed to strengthen its retail offerings by offering home loan products. The retail banking vertical of the bank was launched in the January quarter.
The bank remains well capitalised with a capital adequacy ratio of 20.39 per cent.
